This episode is a Christmas parody of The Legend of Sleepy Hollow.
In the end they said that William Fagen Higginson was the "richest man in town." This echos a line from the Christmas movie It's A Wonderful Life. In that movie the main character was rich in friends. In this case Higginson was rich literally as well, since he had just found his ancestor's missing gold.
When the Headless Snowman melts, he makes reference to The Wizard of Oz, saying, "Oh, I'm melting! Oh what a world!" just like the Wicked Witch of the West.
Early on, Shaggy picks up a gold brick and it's too heavy for him, but later the townspeople are lifting them one-handed as if they were made of cardboard.
Higginson claimed he rushed over from Mills Corner when he got the call about the Snowman. He couldn't have done this because the bridge was out and the best detour would take over two hours. He was lying; he was already on the Winter Hollow side acting as the Snowman, but nobody called him on this lie.